I have had five articles on Bakken oil starting with this one This blog gave its readers a one month head start on Bakken oil.
Barrons Kopin Tan says:
The Bakken is no longer an undiscovered gem: Exploration companies with local perches - including EOG Resources (EOG), Continental Resources (CLR), Whiting Petroleum (WLL) and Brigham Exploration (BEXP) span the market cap spectrum from big to small have seen their shares rise 44% to 85% over the past six months.
Those companies do not include the oil companies that are working the Saskatchewan, Canada side of the Bakken oil play.
Despite the stock spurt some see further upside in the longer term. "The newness of he [Bakken] play has analysts giving credence only to acreage tha has been drilled successfully" says David Morehead, a senior portfolio manager at the small hedge fund Highview Capital. "We do not believe the Street has fully valued the Bakken drilling that has already been permitted, let alone the acreage held in portfolios that has yet to be permitted and drilled"
Whiting has three successful wells at Lake Robinson. With its third well initially producing 2,530 barrels a day, 53% more than the second well. It plans to deill at least 30 wells here in 2008.
Continental is more leveraged to Bakken (36% of net assets), followed by Brigham 16% and EOG 11% and Whiting 11%.